5 SEPTEMBER 1903, Page 15

THE ALLEGED EXCESS OF IMPORTS. [To THE EDITOR OP THE

"SPECTATOR"] SIR,—Referring to the letter of " Merchant " in the Spectator of August 29th, may I point out that the profits of foreign branches of English firms would not appear in the Inland Revenue statistics as "Interest on foreign investments," but would be included in the general class of "Profits from trades,

&c., carried on in the United Kingdom," the profits of the firm being dealt with as a whole ? From my own experience I know that the profits of this nature must amount to an enormous sum in the aggregate, and the fact of their exclusion from the official figures should be remembered in basing any argument upon those figures.—I am, Sir, &c., SURVEYOR OF TAXES.